Flashcards in Topic 1: Needs, wants and aspirations Deck (5):
Why do people's wants and needs change?
Ability to afford products
Beliefs and attitudes
What are the internal factors that affect wants and needs?
Values (feelings towards goals), beliefs (Morality and fairness), attitudes (how a person acts) and preferences
External factors that affect wants and needs?
Marketing - adverts, Promotions, PR
Peer pressure - Influence perceptions
Trends & role models - "If Kim K has it, I want it"
What's the feedback effect?
How people feel affects what they do. If a person expects a share price to fall they might sell them, if enough people are told this the share value will fall.